Question

An initial investment of $930 is appreciated for 19 years in an account that earns 6% interest, compounded continuously. Find the amount of money in the account at the end of the period.

Answer 1

The amount of money in the account at the end of the period will be $2907.89.

What is the investment?

• The dedication of an asset to achieve a gain in value through time is referred to as an investment.
• Investment necessitates the sacrifice of a current item, such as time, money, or effort.
• The goal of investing in finance is to earn a return on the invested asset.
• A gain (profit) or loss realized through the sale of a property or investment, unrealized capital appreciation (or depreciation), or investment income such as dividends, interest, or rental income, or a mix of capital gain and income, may constitute the return.

To find the amount of money in the account at the end of the period:

Step 1: Define

Identify variables

P = 930

t = 19

r = 6% = 0.06

Step 2: Find Interest

Substitute in variables [Compounded Continuously Formula]: $A=930e^{} ^{19*0.06}$                  

[Exponents] Multiply:    

$A=930e^{1.14}$                                                                                  

Evaluate exponents:            

$A=930(3.12677)$                                                                            

Multiply:            

$A=2907.89$

Therefore, the amount of money in the account at the end of the period will be $2907.89.

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